Total : 3 View more »
Sanford Wittels & Heisler and Grant Morris represent the relator in the case against AtriCure, which was filed in the United States District Court for the Southern District of Texas.
AtriCure, Inc. (ATRC)Q3 2009 Earnings CallNovember 4, 2009 10:00 am ET<a
http://seekingalpha.com/article/171221-atricure-inc-q3-2009-earnings-call-transcript?source=feed
AtriCure Inc. stayed in the red for its third quarter, with a loss that missed analysts’ expectations, but its announcement of a settlement in a whistleblower suit boosted its stock Wednesday morning. The surgical device company posted a net loss of $4.
http://cincinnati.bizjournals.com/cincinnati/stories/2009/11/02/daily34.html?ana=from_rss
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WASHINGTON, Nov 04, 2009 /PRNewswire via COMTEX/ --
Sanford Wittels & Heisler, LLP, along with co-counsel Grant Morris, announced today that AtriCure, Inc., a medical device company specializing in cardiac surgical ablation systems, has reached a tentative settlement agreement with the Department of Justice (DOJ) in a qui tam case filed in 2007 for $3.8 million plus interest over a five-year period.
Sanford Wittels & Heisler and Grant Morris represent the relator in the case against AtriCure, which was filed in the United States District Court for the Southern District of Texas. The complaint charges that AtriCure violated the Federal False Claims Act by using illegal kickbacks and an off-label marketing campaign to induce physicians and hospitals to perform AtriCure's costly inpatient cardiac surgical ablation procedures over standard, and more effective, outpatient catheter ablation procedures. As a result, the Medicare program has faced substantial increased costs from AtriCure's unnecessary and expensive procedures.
"AtriCure has done the right thing by settling this case before an onslaught of negative publicity surrounding the DOJ investigation," said David Sanford, co-lead counsel in the matter against AtriCure.
Specifically, the complaint alleges that AtriCure enticed hospitals to purchase its products by promoting the spread between Medicare reimbursement for AtriCure's surgical ablation procedure and the relatively low cost to the hospital itself. AtriCure further provided physicians and hospitals with kickbacks, including free equipment; price discounts; free advertising, marketing, and referral services; and extensive training for surgeons performing AtriCure procedures.
"This settlement allows us to focus on the remaining three companies under investigation: St. Jude Medical, Boston Scientific, and Medtronic," said Grant Morris, co-lead counsel in the AtriCure qui tam case.
The tentative agreement between AtriCure and the DOJ is subject to the completion and approval of a written settlement agreement.
Sanford Wittels & Heisler is a renowned class action and qui tam law firm with offices in Washington, D.C., New York, and San Francisco that specializes in qui tam, employment discrimination, wage and hour, consumer and complex corporate class action litigation and has represented thousands of individuals in major class action cases in the United States. The firm also represents individual clients in employment, employment discrimination, sexual harassment, whistleblower, public accommodations, commercial, medical malpractice, and personal injury matters. Individuals with these claims are encouraged to contact Sanford Wittels & Heisler at (202) 742-7777.
SOURCE Sanford Wittels & Heisler, LLP
Tags: commercial consumer corporate discrimination employment investigation law marketing medical physicians products training washington
Companies: AtriCure Inc (ATRC), Boston Scientific Corp. (BSX), Medtronic, Inc. (MDT)
WEST CHESTER, Ohio, Nov 04, 2009 (BUSINESS WIRE) --
AtriCure, Inc. (Nasdaq: ATRC), a medical device company and a leader in cardiac surgical ablation systems, today announced revenues of $13.3 million for its seasonally light third quarter. The company reported positive adjusted EBITDA, a non-GAAP measure, of $0.7 million for the quarter, representing the third consecutive quarter of positive adjusted EBITDA and year-to-date adjusted EBITDA of $1.7 million.
"We are pleased with our financial results for our seasonally light third quarter, particularly our profitability and cash flow metrics. We continue to demonstrate effective execution of our strategic priorities, as evidenced by both our financial performance and other key milestone achievements, including the launch of the AtriClip System, which we believe represents a significant growth opportunity for AtriCure," said David J. Drachman, President and Chief Executive Officer. "Further, we believe reaching a tentative settlement to bring closure to the ongoing Department of Justice investigation will allow us to focus on the business and executing our strategic priorities, including restoration of growth trends and increased shareholder value."
Financial Results
Revenues for the third quarter of 2009 were $13.3 million, a 10.3 percent decrease over third quarter 2008 revenues of $14.8 million and a sequential decrease of 3.6 percent for what historically has been a seasonally light quarter. Revenues from open heart products for the third quarter of 2009 were $6.5 million as compared with $6.7 million for the third quarter of 2008. Revenues from domestic minimally invasive products declined from $5.7 million for the third quarter of 2008 to $4.2 million for the third quarter of 2009. Third quarter 2008 revenues benefited from the inclusion of sales associated with the OR Lab(TM) system, which was introduced during 2008. International revenues grew 9.6 percent, or 11.1 percent on an exchange rate neutral basis, to $2.6 million for the third quarter of 2009.
Gross profit for the third quarter of 2009 was $10.0 million and gross margin was 75.3 percent, compared to gross profit of $11.4 million and gross margin of 77.1 percent for the third quarter of 2008. The decrease in gross margin was primarily due to an increased mix of revenues from international sales and the introduction of new products, which initially carry a higher product cost.
Operating expenses for the third quarter of 2009 were $14.4 million as compared to $13.2 million for the third quarter of 2008. Non-GAAP operating expenses, neutralizing the impact of the $3.8 million settlement reserve, were $10.7 million, a $2.5 million or 19.3 percent reduction when compared to third quarter 2008 operating expenses. The reduction in non-GAAP operating expenses was driven primarily by a reduction in headcount-related expenses. Loss from operations was $4.4 million. Non-GAAP loss from operations was a record $0.7 million, an improvement of $1.2 million, or 63.4 percent, as compared with the third quarter of 2008. The net loss per share was $0.32. Non-GAAP net loss per share was a record $0.06 as compared to $0.12 for the third quarter of 2008.
Adjusted EBITDA was $0.7 million, an improvement of $1.2 million as compared to the third quarter of 2008. Year-to-date adjusted EBITDA was a record $1.7 million as compared to a negative adjusted EBITDA of $3.7 million for the first nine months of 2008.
Cash, cash equivalents and investments were $16.4 million at September 30, 2009 and cash generated from operations during the quarter was $1.5 million. Year-to-date, cash provided by operations was $0.3 million.
European Approval of the AtriClip System
During September 2009, the AtriClip Gillinov-Cosgrove Left Atrial Appendage Exclusion System, or the AtriClip System, received European approval. The AtriClip System is designed to safely and effectively exclude the left atrial appendage and is being launched in Europe through a phased approach during the fourth quarter of 2009 with a full commercial release planned for the first quarter of 2010.
Earnings Call Information
Management will host a conference call at 10:00 a.m. Eastern Time on Wednesday, November 4, 2009 to discuss its third quarter 2009 financial results. A live web cast of the conference call will be available online from the investor relations page of AtriCure's web site at www.atricure.com.
Pre-registration is available and recommended for this call at the following URL:
https://www.theconferencingservice.com/prereg/key.process?key=PBCKCNK4F
You may also access this call through an operator by calling 888-713-4214 for domestic callers and 617-213-4866 for international callers at least 15 minutes prior to the call start time using reservation code 74683077.
The webcast will be available on AtriCure's web site and a telephonic replay of the call will also be available through December 4, 2009. The replay dial-in numbers are 888-286-8010 for domestic callers and 617-801-6888 for international callers, using reservation code 62781958.
About AtriCure, Inc.
AtriCure, Inc. is a medical device company and a leader in developing, manufacturing and selling innovative cardiac surgical ablation systems designed to create precise lesions, or scars, in cardiac, or heart, tissue. Medical journals have described the adoption by leading cardiothoracic surgeons of the AtriCure Isolator(R) bipolar ablation system as a treatment alternative during open-heart surgical procedures to create lesions in cardiac tissue to block the abnormal electrical impulses that cause atrial fibrillation, or AF, a rapid, irregular quivering of the upper chambers of the heart. Additionally, medical journals and leading cardiothoracic surgeons have described the AtriCure Isolator system as a promising treatment alternative for patients who may be candidates for sole-therapy minimally invasive procedures. AF affects more than 5.5 million people worldwide and predisposes them to a five-fold increased risk of stroke. The FDA has cleared the AtriCure Isolator system and AtriCure's multifunctional pen and Coolrail(TM) linear ablation device, for the ablation, or destruction, of cardiac tissue during surgical procedures. Additionally, the FDA has cleared AtriCure's multifunctional pen for temporary pacing, sensing, stimulating and recording during the evaluation of cardiac arrhythmias and AtriCure's Cryo1(TM) system for the cryosurgical treatment of cardiac arrhythmias. To date, the FDA has not cleared or approved AtriCure's products for the treatment of AF.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that AtriCure expects, believes or anticipates will or may occur in the future, such as earnings estimates, other predictions of financial performance, launches by AtriCure of new products and market acceptance of AtriCure's products. Forward-looking statements are based on AtriCure's experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond AtriCure's control. These risks and uncertainties include the rate and degree of market acceptance of AtriCure's products, AtriCure's ability to develop and market new and enhanced products, the timing of and ability to obtain and maintain regulatory clearances and approvals for its products, the timing of and ability to obtain reimbursement of procedures utilizing AtriCure's products, competition from existing and new products and procedures or AtriCure's ability to effectively react to other risks and uncertainties described from time to time in AtriCure's SEC filings, such as fluctuation of quarterly financial results, reliance on third party manufacturers and suppliers, litigation (including the purported class action lawsuits, qui tam complaint or Department of Justice investigation) or other proceedings, government regulation and stock price volatility. AtriCure does not guarantee any forward-looking statement, and actual results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
To supplement AtriCure's condensed consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, AtriCure uses certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures provide an indication of performance excluding certain items. Our management believes that in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. The excluded items vary in frequency and/or impact on our continuing operations and our management believes that the excluded items are typically not reflective of our ongoing core business operations. Further, management uses results of operations before these excluded items as a basis for its strategic planning. The non-GAAP financial measures used by AtriCure may not be the same or calculated the same as those used by other companies. Reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP measures for the respective periods can be found in tables later in this release. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for AtriCure's financial results prepared and reported in accordance with GAAP.
ATRICURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2009 2008 2009 2008
Revenues $ 13,281,336 $ 14,802,001 $ 40,733,189 $ 43,190,660
Cost of revenues 3,278,090 3,396,038 9,330,564 10,121,826
Gross profit 10,003,246 11,405,963 31,402,625 33,068,834
Operating expenses:
Research and development expenses 2,580,766 3,008,619 8,635,938 8,035,466
Selling, general and administrative expenses 8,087,896 10,215,477 25,585,272 32,573,233
Goodwill impairment - - 6,812,389 -
Settlement reserve 3,766,623 - 3,766,623 -
Total operating expenses 14,435,285 13,224,096 44,800,222 40,608,699
Loss from operations (4,432,039 ) (1,818,133 ) (13,397,597 ) (7,539,865 )
Other (expense) income (268,372 ) 48,155 (753,077 ) 571,840
Loss before income tax benefit (4,700,411 ) (1,769,978 ) (14,150,674 ) (6,968,025 )
Income tax benefit 3,441 - 45,714 -
Net loss $ (4,696,970 ) $ (1,769,978 ) $ (14,104,960 ) $ (6,968,025 )
Basic and diluted net loss per share $ (0.32 ) $ (0.12 ) $ (0.98 ) $ (0.49 )
Weighted average shares outstanding:
basic and diluted 14,614,217 14,208,232 14,456,954 14,181,155
ATRICURE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2009 2008
Assets
Current assets:
Cash, cash equivalents and short-term investments $ 15,286,029 $ 11,448,451
Accounts receivable 6,502,970 6,511,594
Inventories 5,478,423 6,361,242
Other current assets 3,873,104 1,781,825
Total current assets 31,140,526 26,103,112
Property and equipment, net 3,086,345 3,682,819
Long-term investments 1,112,368 -
Intangible assets 358,028 569,153
Goodwill - 6,812,389
Restricted cash and cash equivalents - 6,000,000
Other assets 376,717 201,359
Total assets $ 36,073,984 $ 43,368,832
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 9,172,751 $ 8,072,596
Current maturities of debt and capital lease obligations 2,202,603 34,004
Total current liabilities 11,375,354 8,106,600
Long-term debt and capital lease obligations 3,094,303 6,036,605
Other liabilities 3,313,273 106,470
Total liabilities 17,782,930 14,249,675
Stockholders' equity:
Common stock 14,992 14,275
Additional paid-in capital 109,650,270 106,636,653
Other comprehensive income (loss) 205,734 (56,789 )
Accumulated deficit (91,579,942 ) (77,474,982 )
Total stockholders' equity 18,291,054 29,119,157
Total liabilities and stockholders' equity $ 36,073,984 $ 43,368,832
ATRICURE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
2009 2008
Cash flows from operating activities:
Net loss $ (14,104,960 ) $ (6,968,025 )
Adjustments to reconcile net loss to net cash
provided by
(used in) operating activities:
Depreciation and amortization 1,787,727 2,073,193
Amortization of deferred financing costs 275,537 92,271
and discount on
long-term debt
Goodwill impairment 6,812,389 -
Settlement reserve 3,766,623 -
Share-based compensation 2,737,842 1,781,283
Other 8,908 (2,858 )
Changes in assets and liabilities,
excluding effects of
acquired business:
Accounts receivable 84,201 (1,557,358 )
Inventories 914,171 (154,548 )
Other current assets (177,754 ) 16,827
Accounts payable and accrued liabilities (1,668,753 ) 64,098
Other non-current assets and liabilities (105,938 ) (230,423 )
Net cash provided by (used in) operating activities 329,993 (4,885,540 )
Cash flows from investing activities:
Purchases of property & equipment (1,006,163 ) (1,584,279 )
Purchases of available-for-sale securities (5,824,661 ) (1,900,756 )
Maturities of available-for-sale securities - 8,894,670
Change in restricted cash and cash equivalents 6,000,000 (6,000,000 )
Cash paid for acquisition - (417,292 )
Net cash used in investing activities (830,824 ) (1,007,657 )
Cash flows from financing activities:
Payments on debt and capital leases (6,928,044 ) (713,801 )
Proceeds from borrowings of debt 6,500,000 6,000,000
Payment of debt fees (207,013 ) (269,107 )
Proceeds from stock option exercises 9,585 239,065
Proceeds from issuance of common stock under employee 120,410 -
stock
purchase plan
Net cash (used in) provided by financing activities (505,062 ) 5,256,157
Effect of exchange rate changes on cash and cash equivalents 131,036 (83,368 )
Net decrease in cash and cash equivalents (874,857 ) (720,408 )
Cash and cash equivalents - beginning of period 11,448,451 13,000,652
Cash and cash equivalents - end of period $ 10,573,594 $ 12,280,244
ATRICURE, INC.
RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS
(Unaudited)
Reconciliation of Net Loss and Net Loss per Share to Non-GAAP Net
Loss and Net Loss per Share
Three Months Ended September 30, Nine Months Ended September 30,
2009 2008 2009 2008
Net loss, as reported $ (4,696,970 ) $ (1,769,978 ) $ (14,104,960 ) $ (6,968,025 )
Goodwill impairment, net of tax - - 6,812,389 -
Settlement reserve 3,766,623 - 3,766,623 -
Non-GAAP adjusted net loss $ (930,347 ) $ (1,769,978 ) $ (3,525,948 ) $ (6,968,025 )
Basic and diluted net loss per share, as reported $ (0.32 ) $ (0.12 ) $ (0.98 ) $ (0.49 )
Goodwill impairment, net of tax - - 0.47 -
Settlement reserve 0.26 - 0.26 -
Non-GAAP adjusted basic and diluted net loss per share $ (0.06 ) $ (0.12 ) $ (0.24 ) $ (0.49 )
Weighted averages shares outstanding, basic and diluted 14,614,217 14,208,232 14,456,954 14,181,155
Reconciliation of Operating Expenses and Loss from Operations to
Non-GAAP Operating Expenses and Loss from Operations
Three Months Ended September 30, Nine Months Ended September 30,
2009 2008 2009 2008
Operating expenses, as reported $ 14,435,285 $ 13,224,096 $ 44,800,222 $ 40,608,699
Goodwill impairment - - 6,812,389 -
Settlement reserve 3,766,623 - 3,766,623 -
Non-GAAP adjusted operating expenses $ 10,668,662 $ 13,224,096 $ 34,221,210 $ 40,608,699
Loss from operations, as reported $ (4,432,039 ) $ (1,818,133 ) $ (13,397,597 ) $ (7,539,865 )
Goodwill impairment - - 6,812,389 -
Settlement reserve 3,766,623 - 3,766,623 -
Non-GAAP adjusted loss from operations $ (665,416 ) $ (1,818,133 ) $ (2,818,585 ) $ (7,539,865 )
Reconciliation of Non-GAAP Adjusted Earnings (Loss) (Adjusted
EBITDA)
Three Months Ended September 30, Nine Months Ended September 30,
2009 2008 2009 2008
Net loss, as reported $ (4,696,970 ) $ (1,769,978 ) $ (14,104,960 ) $ (6,968,025 )
Income tax benefit (3,441 ) - (45,714 ) -
Other expense (income) (a) 268,372 (48,155 ) 753,077 (571,840 )
Depreciation and amortization expense 602,459 673,944 1,787,727 2,073,193
Share-based compensation expense 766,829 639,160 2,737,842 1,781,283
Goodwill impairment - - 6,812,389 -
Settlement reserve 3,766,623 - 3,766,623 -
Non-GAAP adjusted earnings (loss) (Adjusted EBITDA) $ 703,872 $ (505,029 ) $ 1,706,984 $ (3,685,389 )
Three Months Ended September 30, Nine Months Ended September 30,
(a) Other includes: 2009 2008 2009 2008
Interest (expense) income $ (233,243 ) $ (93,917 ) $ (434,063 ) $ 57,341
Write-off of deferred financing costs - - (102,485 ) -
Grant income - 74,187 - 222,562
Gain (loss) gain due to exchange rate fluctuation 4,482 19,261 (125,775 ) 76,884
Non-employee stock option (expense) income (39,611 ) 48,624 (90,754 ) 215,053
Other (expense) income $ (268,372 ) $ 48,155 $ (753,077 ) $ 571,840
SOURCE: AtriCure, Inc.
AtriCure, Inc. Julie A. Piton, Vice President and Chief Financial Officer, 513-755-4561 jpiton@atricure.com
Tags: accounting acquisition business ceo commercial conference debt deficit earnings ebitda electrical equity europe financial results gaap government health investigation manufacturing market medical nasdaq online president products property research and development sales sec securities stock option tax web
Companies: AtriCure Inc (ATRC)
WEST CHESTER, Ohio, Nov 04, 2009 (BUSINESS WIRE) --
AtriCure, Inc. (Nasdaq: ATRC), a medical device company and a leader in cardiac surgical ablation systems, today announced that it has reached a tentative agreement, subject to completion and approval of a written settlement agreement, with the Department of Justice (DOJ) to resolve the issues raised in the DOJ's investigation and the related qui tam complaint regarding the marketing of the Company's surgical ablation devices. The agreement includes AtriCure's assertion that the Company and its employees have not engaged in any wrongdoing or illegal activity.
Pursuant to the tentative agreement, AtriCure would pay $3.8 million plus interest over a five-year period. Payments during the five-year period, inclusive of interest, would be $0.5 million, $0.5 million, $0.65 million, $1.0 million and $1.5 million, respectively. AtriCure has recorded a settlement reserve of $3.8 million related to the agreement in its financial statements for its quarter ended September 30, 2009. Further, as is typical of settlements of this nature, AtriCure has agreed, subject to completion and approval of a written agreement, to enter into a corporate integrity agreement with the Office of Inspector General of the Department of Health and Human Services.
About AtriCure, Inc. AtriCure, Inc. is a medical device company and a leader in developing, manufacturing and selling innovative cardiac surgical ablation systems designed to create precise lesions, or scars, in cardiac, or heart, tissue. Medical journals have described the adoption by leading cardiothoracic surgeons of the AtriCure Isolator(R) bipolar ablation system as a treatment alternative during open-heart surgical procedures to create lesions in cardiac tissue to block the abnormal electrical impulses that cause atrial fibrillation, or AF, a rapid, irregular quivering of the upper chambers of the heart. Additionally, medical journals and leading cardiothoracic surgeons have described the AtriCure Isolator system as a promising treatment alternative for patients who may be candidates for sole-therapy minimally invasive procedures. AF affects more than 5.5 million people worldwide and predisposes them to a five-fold increased risk of stroke. The FDA has cleared the AtriCure Isolator system and AtriCure's multifunctional pen and Coolrail(TM) linear ablation device, for the ablation, or destruction, of cardiac tissue during surgical procedures. Additionally, the FDA has cleared AtriCure's multifunctional pen for temporary pacing, sensing, stimulating and recording during the evaluation of cardiac arrhythmias and AtriCure's Cryo1(TM) system for the cryosurgical treatment of cardiac arrhythmias. To date, the FDA has not cleared or approved AtriCure's products for the treatment of AF.
Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that AtriCure expects, believes or anticipates will or may occur in the future, such as earnings estimates, other predictions of financial performance, launches by AtriCure of new products and market acceptance of AtriCure's products. Forward-looking statements are based on AtriCure's experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond AtriCure's control. These risks and uncertainties include the rate and degree of market acceptance of AtriCure's products, AtriCure's ability to develop and market new and enhanced products, the timing of and ability to obtain and maintain regulatory clearances and approvals for its products, the timing of and ability to obtain reimbursement of procedures utilizing AtriCure's products, competition from existing and new products and procedures or AtriCure's ability to effectively react to other risks and uncertainties described from time to time in AtriCure's SEC filings, such as fluctuation of quarterly financial results, reliance on third party manufacturers and suppliers, litigation (including the purported class action lawsuits, qui tam complaint and Department of Justice investigation) or other proceedings, government regulation and stock price volatility. AtriCure does not guarantee any forward-looking statement, and actual results may differ materially from those projected. AtriCure undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: AtriCure, Inc.
AtriCure, Inc. Julie A. Piton, 513-755-4561 Vice President and Chief Financial Officer jpiton@atricure.com
Tags: corporate earnings electrical financial results government health investigation manufacturing market medical nasdaq products sec securities
Companies: AtriCure Inc (ATRC)
Nov 04, 2009 (M2 PRESSWIRE via COMTEX) --
Xtremepicks.com Alerts include Opexa Therapeutics, Inc. (NASDAQ: OPXA), Conceptus, Inc. (Nasdaq: CPTS), Edgewater Technology, Inc. (Nasdaq: EDGW) and AtriCure, Inc. (Nasdaq: ATRC)
Opexa Therapeutics, Inc. (NASDAQ: OPXA) trading at $1.95 on a volume of 134,257 shares
In a press release out on November 4, Opexa Therapeutics Reports Third Quarter 2009 Financial Results and Corporate Update
THE WOODLANDS, Texas, Nov 04, 2009 -- Opexa Therapeutics, Inc. (NASDAQ: OPXA), a company developing a novel T-cell therapy for multiple sclerosis (MS), today reported financial results for the quarter ended September 30, 2009, and provided details on further developments.
About Opexa
Opexa Therapeutics, Inc. is dedicated to the development of patient-specific cellular therapies for the treatment of autoimmune diseases. The Company's leading therapy, Tovaxin, is an individualized cellular immunotherapy treatment in Phase IIb clinical development for MS. Tovaxin is derived from T-cells isolated from peripheral blood, expanded ex vivo, and reintroduced into the patients via subcutaneous injections. This process triggers a potent immune response against specific subsets of autoreactive T-cells known to attack myelin, believed to be a primary cause of MS attacks and nervous system damage.
Conceptus, Inc. (Nasdaq: CPTS) trading at $17.39 per share on trading volume of 126,096 shares.
In a press release out on November 4, Conceptus(R) to Present at the Lazard Capital Markets 6th Annual Healthcare Conference
MOUNTAIN VIEW, Calif., Nov 04, 2009 -- Conceptus, Inc. (Nasdaq: CPTS), developer of the Essure(R) procedure, the first proven non-incisional permanent birth control method available, today announced that Mark Sieczkarek, president and chief executive officer, will present at the Lazard Capital Markets 6th Annual Healthcare Conference on Tuesday, November 17, 2009, at 2:10 p.m. ET. The conference will be held at the St. Regis Hotel in New York City.
About Conceptus, Inc.
Conceptus, Inc. (NASDAQ: CPTS), is a leader in the design, development and marketing of innovative solutions in women's healthcare. The Mountain View, Calif.-based company manufactures and markets Essure permanent birth control. The Essure procedure is available in the United States, Europe, Australia, New Zealand, Canada, Mexico, Central and South America and the Middle East.
Edgewater Technology, Inc. (Nasdaq:EDGW) trading at $2.99 on a volume of 100 shares
In a press release out on November 4, Edgewater Announces Third Quarter Financial Results
Service Revenue Stabilizes; In Line With Expectations
WAKEFIELD, Mass., Nov 4, 2009 -- A technology management consulting firm specializing in providing specialty information technology ("IT") services, Edgewater Technology, Inc. (Nasdaq:EDGW) (www.edgewater.com) ("Edgewater" or the "Company") today announced financial results for its third quarter ended September 30, 2009.
About Edgewater Technology, Inc.
Edgewater is an innovative technology management consulting firm. We provide a unique blend of specialty IT services by leveraging our proven industry expertise in strategy, technology and enterprise performance management. Headquartered in Wakefield, MA, we typically go to market both vertically by industry and horizontally by product and technology specialty and provide our clients with a wide range of business and technology offerings. To learn more, visitwww.edgewater.com or call 800-410-4014.
AtriCure, Inc. (Nasdaq: ATRC) trading at $4.99 on a volume of 154,620 shares
In a press release out on November 4, AtriCure Reports Third Quarter 2009 Financial Results
Third Quarter Highlights
WEST CHESTER, Ohio, Nov 04, 2009 -- AtriCure, Inc. (Nasdaq: ATRC), a medical device company and a leader in cardiac surgical ablation systems, today announced revenues of $13.3 million for its seasonally light third quarter. The company reported positive adjusted EBITDA, a non-GAAP measure, of $0.7 million for the quarter, representing the third consecutive quarter of positive adjusted EBITDA and year-to-date adjusted EBITDA of $1.7 million.
About AtriCure, Inc.
AtriCure, Inc. is a medical device company and a leader in developing, manufacturing and selling innovative cardiac surgical ablation systems designed to create precise lesions, or scars, in cardiac, or heart, tissue. Medical journals have described the adoption by leading cardiothoracic surgeons of the AtriCure Isolator(R) bipolar ablation system as a treatment alternative during open-heart surgical procedures to create lesions in cardiac tissue to block the abnormal electrical impulses that cause atrial fibrillation, or AF, a rapid, irregular quivering of the upper chambers of the heart. Additionally, medical journals and leading cardiothoracic surgeons have described the AtriCure Isolator system as a promising treatment alternative for patients who may be candidates for sole-therapy minimally invasive procedures. AF affects more than 5.5 million people worldwide and predisposes them to a five-fold increased risk of stroke. The FDA has cleared the AtriCure Isolator system and AtriCure's multifunctional pen and Coolrail(TM) linear ablation device, for the ablation, or destruction, of cardiac tissue during surgical procedures. Additionally, the FDA has cleared AtriCure's multifunctional pen for temporary pacing, sensing, stimulating and recording during the evaluation of cardiac arrhythmias and AtriCure's Cryo1(TM) system for the cryosurgical treatment of cardiac arrhythmias. To date, the FDA has not cleared or approved AtriCure's products for the treatment of AF.
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Companies: AtriCure Inc (ATRC), Conceptus Inc. (CPTS), Edgewater Technology, Inc. (EDGW), Opexa Therapeutics Inc (OPXA)
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...WASHINGTON Nov. 4 /- Sanford Wittels & Heisler LLP...Sanford Wittels & Heisler and Grant Morris represent the relator i... AtriCure has done the right thing by settling this case before an ons...Specifically the complaint alleges that AtriCure enticed hospitals
AtriCure, Inc. is a leading company developing, manufacturing and selling innovative cardiac surgical ablation systems designed to create precise lesions, or scars, in cardiac tissue.
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- Details of development stage by sector and equipment type. - Pipeline products grouped by therapy area, development stage and trial phase. - Detailed information on clinical trials covering trial phase, description, investigator .nformation, primary and secondary end-points and trial results.
http://www.researchandmarkets.com/reports/605480/atricure_inc_product_pipeline_analysis.pdf
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Chairman of the Board AtriCure, Incorporated ... Mr. Johnston, 74, has served as one of our directors since June 2002 and as ...
Director Compensation (AtriCure, Incorporated) for 2007 Fees earned or paid in cash $37,700.00 Stock awards $0.00 Option awards ...